Ion Media Files For Bankruptcy

Ion Media Networks has filed for bankruptcy court protection. Ion listed liabilities of more than $1 billion and assets of as much as $10 million in its filing yesterday in U.S. Bankruptcy Court in Manhattan, reports Bloomberg.

"We look forward to working with all senior debt holders and other stakeholders to facilitate a complete and expeditious restructuring," Chairman/CEO Brandon Burgess said in a statement. "We are positioning the business for growth and will emerge from the restructuring in a strong position to serve viewers, clients, and stakeholders."

Ion has been an ambitious acquirer of programming of late, including inking a deal with Warner Bros. for films earlier this month and announcing a dozen original films at an upfront briefing in March.